The Pakistan Steel Melters Association (PSMA) has renewed its appeal for targeted incentives in the upcoming FY2025-26 budget to revive the struggling steel sector and ensure its long-term growth.
Chairman Mian Ahmad Hassan urged the government to adopt a business-friendly approach that promotes industrial activity, stressing the steel industry’s vital role in the national economy. He warned that potential tariff cuts could harm domestic producers, making them uncompetitive against imports.
Instead of increasing the burden on compliant businesses, Hassan called for expanding the tax base by including unregistered enterprises. He also proposed introducing a fixed sales tax based on electricity consumption to simplify tax collection and improve predictability for steel melters.
PSMA urged the government to engage with industry stakeholders to craft a budget that supports local manufacturing, safeguards jobs, and drives economic development.